iPhone Check Depositing On The Way

Soon, you could be able to deposit a check without even walking to the ATM.

USAA, a small, privately held bank catering mostly to military personnel, will be the first to roll out an iPhone app that lets you deposit a check to your account just by photographing both sides of it. The app update is scheduled to launch this week, the New York Times reports.

Susan Stellin, NYT: Customers will not have to mail the check to the bank later; the deposit will be handled entirely electronically, and the bank suggests voiding the check and filing or discarding it. But to reduce the potential for fraud, only customers who are eligible for credit and have some type of insurance through USAA will be permitted to use the deposit feature. [USAA EVP Wayne] Peacock said that about 60 percent of the bank’s customers qualify.

Neat, and probably something other banks will add eventually. But one source of frustration could come from the iPhone's camera, which, until the most recent iPhone 3GS was launched, was not very good at close-up shots. Read more at the NYT >